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MGT 124 Chapter 1-5S

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  1. Productivity Formula
    chart?chf=bg,s,00000000&cht=tx&chl=Productivity%20%3D%20%5Cfrac%7BOutput%7D%7BInput%7D&chs=354x80
  2. Productivity Growth
    chart?chf=bg,s,00000000&cht=tx&chl=Growth%20%3D%20%5Cfrac%7BCurrent%20-%20Previous%7D%7BPrevious%7D%5Ctimes100&chs=522x68
  3. Multifactor Productivity
    chart?chf=bg,s,00000000&cht=tx&chl=Multifactor%20%3D%20%5Cfrac%7BUsable%7D%7BLabor%20%2B%20Material%20%2B%20Overhead%7D&chs=650x70
  4. MAD - Mean absolute deviation
    chart?chf=bg,s,00000000&cht=tx&chl=MAD%20%3D%20%5Cfrac%7B%5Csum%7CActual_t%20-%20Forecast_t%7C%7D%7Bn%7D&chs=450x68
  5. MSE - Mean squared error
    chart?chf=bg,s,00000000&cht=tx&chl=MSE%20%3D%20%5Cfrac%7B%5Csum(Actual_t%20-%20Forecast_t)%5E2%7D%7Bn%20-%201%7D&chs=468x80
  6. MAPE - Mean absolute percent
    chart?chf=bg,s,00000000&cht=tx&chl=MAPE%20%3D%20%5Cfrac%7B%5Cfrac%7B%5Csum%7CActual_t%20-%20Forecast_t%7C%7D%7BActual_t%7D%5Ctimes%20100%7D%7Bn%7D&chs=504x100
  7. Exponential Smoothing
    • chart?chf=bg,s,00000000&cht=tx&chl=F_t%20%3D%20(1%20-%20a)F_t_-_1%20%2B%20aA_t_-_1&chs=358x38
    • Forecast = (inverse alpha * Previous Forecast) + (alpha * Actual)
  8. Backup System Rule 1 - Success dependent on multiple successes
    chart?chf=bg,s,00000000&cht=tx&chl=Success%20%3D%20P_1*P_2*P_3...*P_n&chs=414x36
  9. Backup System Rule 2 - Two events and at least one backup is needed for success
    • chart?chf=bg,s,00000000&cht=tx&chl=Success%20%3D%20P_1%20%2B%20(1-P_1)%5Ctimes%20P_2&chs=410x38
    • P1 = .90 and P2 = .80
    • Success = .90 + (1-.90) x .80 =
  10. Backup System Rule 3 - two or more events and one is needed as success
    chart?chf=bg,s,00000000&cht=tx&chl=Success%20%3D%201%20-%20%5B1-P_1%5D%5Ctimes%5B1-P_2%5D%5Ctimes%5B1-P_3%5D...%5Ctimes%5B1-P_n%5D&chs=760x40
  11. Efficiency Equation
    chart?chf=bg,s,00000000&cht=tx&chl=Efficiency%20%3D%20%5Cfrac%7BActual%7D%7BEffective%7D%5Ctimes100%25&chs=482x76
  12. Utilization Equation
    chart?chf=bg,s,00000000&cht=tx&chl=Utilization%20%3D%20%5Cfrac%7BActual%7D%7BDesign%7D%5Ctimes100%25&chs=426x74
  13. Maximin
    The best worst
  14. Maximax
    The best best
  15. Laplace
    The best average in the row
  16. Minimax Regret
    Least regret
  17. Expected Value of Perfect Information
    • EVPI = Expected payoff under certainty - Expected payoff under risk
    • Use best expected value times weighted row and add together to get EVcert.
    • Use best alternative from Minimax Regret for EVrisk.
  18. PDCA cycle
    Plan Do Check Act
  19. Profit Equation
    • P = Q(R - v) - FC
    • Profit = Quantity(Revenue - variable) - Fixed Cost
  20. Quantity Equation for Profit
    • Q = P + FC / R - v
    • Quantity = Profit + Fixed Cost / Revenue - variable
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Author
jerk7600
ID
334384
Card Set
MGT 124 Chapter 1-5S
Description
MGT 124 Operations Management
Updated

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